GBP/USD Technical Analysis – Chance of Double Top Remains

By DailyFx | June 18, 2014 AAA

DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support:1.6960 (50% Fib exp.), 1.6897 (38.2% Fib exp.)
  • Resistance:1.6996-1.7023 (May 6 high, 61.8% Fib exp.), 1.7102 (76.4% Fib exp.)

The British Pound may be readying to produce a double top against the US Dollar after prices put in a Shooting Star candlestick. Initial support is at 1.6960, the 50% Fibonacci expansion. A daily close below that exposes the 38.2% level at 1.6897. Alternatively, a push through resistance in the 1.6996-1.7023 area, marked by the May 6 peak and the 61.8% Fib, opens the door for a test of the 76.4% expansion at 1.7102.

A Shooting Star candlestick points to indecision and does not amount to a definitive trade signal. With that in mind, we will wait for confirmation and remain flat until something actionable presents itself.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

GBP/USD Technical Analysis – Chance of Double Top Remains

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. Dollar Finds Capital Market Uncertainties Offset Wavering Fed Rhetoric
    Forex News

    Dollar Finds Capital Market Uncertainties Offset Wavering Fed Rhetoric

  2. US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again
    Forex News

    US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again

  3. US Dollar Technical Analysis: Bullish Momentum Fading?
    Forex News

    US Dollar Technical Analysis: Bullish Momentum Fading?

  4. Euro May Be Asymetrically Sensitive if PMI Data Tops Expectations
    Forex News

    Euro May Be Asymetrically Sensitive if PMI Data Tops Expectations

  5. EUR/USD stuck at 1.2850, new triggers are wanted
    Forex News

    EUR/USD stuck at 1.2850, new triggers are wanted

Trading Center